Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
Income Tax: Tax on distributed income of domestic company for buy-back of shares to be treated as dividend in hands of shareholders. Cost of acquisition of shares bought back to generate capital loss for shareholders, allowing set-off against subsequent capital gains. Deeming value of consideration for bought back shares as nil for computing capital loss. Amendments effective from October 1, 2024 for any buy-back on or after that date. Aims to widen tax base and prevent avoidance by aligning treatment of dividends and buybacks.
Income Tax: Tax on distributed income of domestic company for buy-back of shares to be treated as dividend in hands of shareholders. Cost of acquisition of shares bought back to generate capital loss for shareholders, allowing set-off against subsequent capital gains. Deeming value of consideration for bought back shares as nil for computing capital loss. Amendments effective from October 1, 2024 for any buy-back on or after that date. Aims to widen tax base and prevent avoidance by aligning treatment of dividends and buybacks.
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